Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

In the context of business organization, a corporation generally takes title to property in the name of:

the corporation itself

the chief executive officer

the board of directors

its individual shareholders

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Understand the concept of a corporation: A corporation is a legal entity that is separate and distinct from its owners (shareholders). It has its own rights and responsibilities, including owning property.

Recognize that the corporation itself is the legal owner of any property it acquires. This is because the corporation operates as an independent entity under the law.

Clarify the roles of individuals within the corporation: The chief executive officer (CEO) manages the corporation but does not personally own the corporation's property. Similarly, the board of directors oversees the corporation's activities but does not take title to property in its name.

Understand that shareholders own shares in the corporation, which represent ownership in the corporation itself, but they do not individually own the corporation's property.

Conclude that when a corporation acquires property, the title is taken in the name of the corporation itself, as it is the legal entity responsible for the property.